STAMP DUTY (REMISSION)(NO. 6) ORDER 2002 [P.U. (A) 433]

STAMP DUTY (REMISSION)(NO. 6) ORDER 2002 [P.U. (A) 433]

(Gazetted on 28 October, 2002)

 

IN exercise of the powers conferred by subsection 80(2) of the Stamp Act 1949 [Act 378], the Minister makes the following order:

 

Citation and commencement

 

1.(1) This order may be cited as the Stamp Duty (Remission)(No. 6) Order 2002.

 

(2) This Order is deemed to have come into operation on 21 September 2002.

 

Interpretation

 

2. In this Order —

 

“rescheduling ” means changing the terms of repayment;

 

“restructuring ” means changing the form or structure of facilities or other terms of the facility.

 

Remission

 

3.  The stamp duty on any instrument of Asset Sale Agreement executed between a customer and a financier made under the principles of the Syariah law for the purpose of rescheduling or restructuring any existing Islamic financing

facility is remitted to the extent of the duty that would be payable on the balance of the principal amount of the existing Islamic financing facility: Provided that the instrument for the existing Islamic financing facility had been duly stamped under item 22 or 27 of the First Schedule to the Act.

 

Matters to be stated in Agreement

 

4.   For the purpose of this Order,the Asset Sale Agreement referred to in paragraph 3 shall state —

 

(a)     the name of the financial institution from which the existing Islamic financing facility was originally obtained; and

 

(b)     the balance of the principal amount of the existing Islamic financing facility.

 

Made 23 October 2002

[CR (8.09)294/6/4-9 (SJ.5)Vol.3; PN(PU²)159/XXVII]

 

On behalf and in the name of the Minister of Finance

 

CHAN KONG CHOY

Deputy Minister of Finance